Must-Know Marketing Metrics for Growth

While the many advances in technology have been a huge positive, it has led to the introduction of hundreds of different marketing metrics. How are you supposed to know which are the most important for your business? Here are some metrics to keep in mind:

Marketing Originated Customer Percentage

Of all the new customers you receive over a given period of time, what percentage of these have been a result of your marketing investment? In order to work out the correct percentage, all you need to do is calculate the total number of new customers you’ve seen over, let’s say, a month. From here, assess how many of these were thanks to a marketing-generated lead.

If you’re wondering whether or not a particular marketing campaign has been effective, this is one of the best ways to tell; as long as you check this percentage regularly, you’ll see as it rises and falls.

Marketing Influenced Customer Percentage

This is actually similar to the previous metric, but this time we’re looking at ‘influence’. What does this mean? Well, sometimes marketing can influence the lead without originating it. For example, a salesperson could find the lead, but the prospective customer could attend a marketing event before buying — it’s fair to say this marketing influenced the customer.

Audience Growth Rate

Social media is a fantastic tool for businesses of all shapes and sizes, but are people paying attention to your brand? Rather than just assessing your follower-ship and whether it’s growing, check the rate at which it’s growing. How does this compare to your competition? To get a percentage, the formula would be as follows;

(Net New Followers / Total Audience) x 100

This can be done for each social media platform to see where the quickest growth is being experienced.

Applause Rate

Taking this one step further, are people interacting with your posts? If we use Facebook as an example, approval actions would be to like, comment, or share. For random posts, do the following;

(Approval Actions / Total Followers) x 100

Since this only takes a few seconds, do this for several different types of posts and see which get the best response — you may just be surprised.

Conversion Rate

To finish, we have the classic — conversion rate. After clicking on a link from social media, email marketing, or any other source, how many then take action? This means different things for different businesses but it could be a sale, subscription to a newsletter, registering for a service, etc.

Summary

In 2021, these are our top marketing metrics to pay attention to However, there are others that provide just as much value if you want to continue your research:

• Customer Acquisition Cost
• Click-Through Rate
• Cost Per Click
• Customer Satisfaction Score
• Marketing Percentage of Customer Acquisition Cost

If you play around and find the metrics that provide the most value to your business, you’ll soon be able to use them not just to assess previous growth but to inspire future growth too.